A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
"You need to understand that we're about to embark on the busiest week of the year for industrial earnings," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
The MTA reported that the 1, 2, 3, 4, 5 and 6 trains are all facing delays due to a network communications issue impacting service in both directions, NBC New York reports.Transportationread more
Companies aren't waiting for the U.S.-China trade war to be resolved, says the head of the world's biggest money manager.Investingread more
US officials including Treasury Secretary Steven Mnuchin and White House economic adviser Larry Kudlow will host a meeting at the White House on Monday of semiconductor and...Technologyread more
Trump's constant berating of the Fed and its actions does not influence the central bank's decisions, Boston Fed's Eric Rosengren says.The Fedread more
The lawsuits allege J&J's talc-based baby powder contained asbestos and caused ovarian and other cancers.Health and Scienceread more
The IMF said the global economy is now expected to grow at 3.7 percent this year and next year — down 0.2 percentage points from an earlier forecast, according to the fund's latest World Economic Outlook report released on Tuesday.
The report — published twice a year in April and October — is widely read by both public and private sectors globally for the IMF's assessment of the world economy. The latest edition was released as thousands of finance officials and professionals gather in Bali, Indonesia, for the IMF and World Bank annual meetings.
Earlier projections now appear to be "over-optimistic" given that risks from "further disruptions in trade policies" have become more prominent, said Maurice Obstfeld, IMF chief economist, in a prepared speech.
"Two major regional trade arrangements are in flux — NAFTA (where a new trilateral agreement awaits legislative approval) and the European Union (with the latter negotiating the terms of Brexit). U.S. tariffs on China, and more broadly on auto and auto part imports, may disrupt established supply chains, especially if met by retaliation, " he said.
"The impacts of trade policy and uncertainty are becoming evident at the macroeconomic level, while anecdotal evidence accumulates on the resulting harm to companies. Trade policy reflects politics, and politics remain unsettled in several countries, posing further risks," he added.
The fund also cut its forecasts for global trade volume: The total good and services flow is expected to grow by 4.2 percent this year and 4 percent next year — down 0.6 and 0.5 percentage points, respectively, from earlier estimates.
And the two economies in the center of the ongoing tariff fight — the U.S. and China — are also expected to grow slower than initially projected. The IMF maintained that the U.S. and China will grow by 2.9 percent and 6.6 percent, respectively, this year but said both would slow more than expected to 2.5 percent and 6.2 percent, respectively, in 2019.
Emerging markets — the group of economies that came under massive selling pressure in recent months — saw larger cuts to their growth forecasts in the IMF report.
"The negative revisions for emerging market and developing economies are more severe," said Obstfeld. "Broadly speaking ... we see signs of lower investment and manufacturing, coupled with weaker trade growth."
Emerging economies as a whole have experienced larger volumes of capital outflows as investors shift their money out on the back of rising interest rates in the U.S. Countries such as Argentina and Turkey have been among the most troubled, with their currencies crashing to all-time lows against the greenback amid questions over their governments' economic management.